Cincinnati Bell 2015 Annual Report Download - page 178

Form 10-K Part II Cincinnati Bell Inc.
Cincinnati Bell Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in millions, except per share amounts)
Year Ended December 31,
2015 2014 2013
Revenue
Services ..................................................... $ 933.0 $ 890.2 $ 871.9
Products ..................................................... 234.8 271.3 201.5
Total revenue ............................................... 1,167.8 1,161.5 1,073.4
Costs and expenses
Cost of services, excluding items below ............................ 472.5 416.2 386.2
Cost of products sold, excluding items below ....................... 198.1 231.5 175.1
Selling, general and administrative ................................ 219.1 204.2 187.9
Depreciation and amortization ................................... 141.6 127.6 128.4
Restructuring charges (reversals) ................................. 6.0 (0.4) 13.5
Transaction-related compensation ................................ — — 42.6
Curtailment loss (gain) ......................................... 0.3 — (0.6)
Loss (gain) on sale or disposal of assets, net ........................ 0.8 (0.3) (1.1)
Impairment of assets ........................................... — 4.6 —
Transaction costs .............................................. 1.4 1.2 1.6
Total operating costs and expenses .............................. 1,039.8 984.6 933.6
Operating income ................................................ 128.0 176.9 139.8
Interest expense ................................................... 103.1 145.9 176.0
Loss on extinguishment of debt ...................................... 20.9 19.6 29.6
Loss from CyrusOne investment ...................................... 5.1 7.0 10.7
Gain on sale of CyrusOne investment .................................. (449.2) (192.8) —
Other income, net ................................................. (2.5) (1.9) (3.3)
Income (loss) from continuing operations before income taxes .............. 450.6 199.1 (73.2)
Income tax expense (benefit) ........................................ 159.8 81.4 (8.3)
Income (loss) from continuing operations .............................. 290.8 117.7 (64.9)
Income (loss) from discontinued operations, net of tax .................... 62.9 (42.1) 10.2
Net income (loss) ................................................. 353.7 75.6 (54.7)
Preferred stock dividends ........................................... 10.4 10.4 10.4
Net income (loss) applicable to common shareowners ................... $ 343.3 $ 65.2 $ (65.1)
Basic net earnings (loss) per common share
Basic earnings (loss) per common share from continuing operations ..... $ 1.34 $ 0.51 $ (0.37)
Basic earnings (loss) per common share from discontinued operations .... $ 0.30 $ (0.20) $ 0.05
Basic net earnings (loss) per common share ........................... $ 1.64 $ 0.31 $ (0.32)
Diluted net earnings (loss) per common share
Diluted earnings (loss) per common share from continuing operations .... $ 1.33 $ 0.51 $ (0.37)
Diluted earnings (loss) per common share from discontinued operations . . $ 0.30 $ (0.20) $ 0.05
Diluted net earnings (loss) per common share ......................... $ 1.63 $ 0.31 $ (0.32)
Weighted-average common shares outstanding (millions)
Basic ......................................................... 209.6 208.5 205.9
Diluted ........................................................ 210.2 209.6 205.9
The accompanying notes are an integral part of the consolidated financial statements.
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